Economics · Corporate Law

Which one of the following statements is NOT valid as per the Limited Liability Partnership (LLP) Act, 2008?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1An LLP is not a separate legal entity independent of its partners.✓
2Every LLP shall file an annual return with the Registrar of Companies.
3An LLP shall prepare a Statement of Account and Solvency for each financial year.
4An LLP shall maintain its books of accounts on a double-entry system and on either a cash or accrual basis.

Correct answer

An LLP is not a separate legal entity independent of its partners.

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